After weeks of working with U.S. officials to try to avoid hefty tariffs on Swiss goods, negotiators from Switzerland got assurances that a deal was all but done. Swiss businesses vowed to pour tens of billions in investment in the United States in the coming years.

The Swiss government said it had “no indication” the country would be hit with a 39 percent tariff, which is set to take effect this week.

Switzerland’s president is about to leave Washington without announcing any success in lowering the 39% tariff Donald Trump has put on her country, according to a person familiar with the situation.

Switzerland removed tariffs on nearly all imports in 2024, and had virtually free access to its markets for U.S. products. But Keller-Sutter said last week that Trump was focused on its trade surplus with the United States, which amounted to 38.5 billion Swiss francs ($48 billion) last year.

Switzerland plans to continue negotiating with the US to lower tariffs from the 39% that kicked in on Thursday and will refrain from implementing countermeasures.